India services export flat at $14 bn in September, import grows

Services export of India remained flat at USD 13.73 billion in September year-on-year while import slightly picked up to USD 8.45 billion, showed RBI data. In September 2016, India had exported services worth USD 13.77 billion. The import grew 1.7 per cent from USD 8.30 billion last year. In August 2017, the services export was USD 13.7 billion while the import came in at USD 8.66 billion.Cumulatively, the services export during April-September read USD 80.33 billion. Import of services was valued at USD 46.74 billion in the first half of the fiscal, showed the data on India’s International Trade in Services released by the Reserve Bank of India (RBI). India is one of the major economies contributing to the world services export industry.The services sector contributes to about 55 per cent in India’s gross domestic product. The data for the latest month comes with a lag of 45 days.The data published by the RBI is provisional and undergoes revision when the Balance of Payments (BoP) data is released on a quarterly basis.